Important Development: Indirect Investment from Google to These 2 Coins! - News-Credit-Mortgage-Coin


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Thursday, November 4, 2021

Important Development: Indirect Investment from Google to These 2 Coins!


Google has invested $1 billion in Bitcoin Futures Platform CME Group. The Google Cloud giant is investing $1 billion in CME, a futures exchange that trades Bitcoin and ETH contracts, among other futures. Bitcoin, ETH and many other altcoins are offered on the CME.

Indirect investment in 2 altcoins from Google

According to The Wall Street Journal, Google gave $1 billion to the CME Group, which was the first platform to launch Bitcoin futures alongside the CBOE in December 2017. Along with the investment, it was also essential for CME to shift its core trading system to Google Cloud.

CME works with markets where trillions of US dollars are circulating in transactions every day. The companies' partnership will make it easier for CME to find new customers, process transactions seamlessly, and create new transaction tools based on Google's technology. CME Group has a market capitalization of approximately $80 billion and is the most valuable exchange operator on the platform.

Google invests $1 billion in CME shares

The aforementioned $1 billion was invested by Cloud in CME's non-voting convertible preferred stock. According to Thomas Kurian, CEO of G. Cloud, this represents Google's intention to support the transformation of the entire nascent financial system in the world, not just one company.

When will CME migrate to G. Cloud? The process of shifting CME's infrastructure to Google Cloud will occur in 2022. Core transaction systems will be migrated first, followed by CME's data and clearing services. Eventually, all CME markets will be shifted to Google Cloud. CME chief Terrence Duffy described the deal with the cloud giant as a "marriage made in heaven".

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